The Monetary Authority on Friday introduced its 12-month Fintech Roadmap with the Securities and Futures Commission as well as the Insurance Authority to foster the use of financial technology in the banking industry.

Speaking to reporters, the authority's deputy chief executive, Arthur Yuen, admitted that "there’s lots of room for improvement" in terms of the rate the industry is adopting fintech.

Yuen said the monetary watchdogs would issue practical guidelines to the industry, but he stopped short on providing specifics.

The authority will also organise roundtables and seminars as well as set up a Fintech Knowledge Hub to facilitate information exchange.

Speaking to RTHK, the co-chairperson of Hong Kong Digital Finance Association, Emil Chan, welcomed the roadmap, adding that such an initiative could help Hong Kong's banking sector catch up with the rest of the world.

Chan said the challenge would be to encourage banks to embrace a new way of doing business.

"[The HKMA] mentioned they would work closely with other regulators, such as the Insurance Authority and the SFC... So, [the roadmap] is a big step to me... It will be helpful to the adoption."

Chan also called on the government to set up a cross-departmental body to facilitate the digitalisation of financial sectors in the long run.